FISI vs VXX: Correlation
How closely do Financial Institutions, Inc. (FISI) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.48, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FISI and VXX?
Over the past 3 years, FISI and VXX moved with a correlation of -0.48, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.36) than the 3-year average (-0.48). Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -931.2 %².
Among the 14 assets we track against FISI, VXX sits near the bottom by co-movement, at rank #13. Their recent paths diverged sharply: over the last 12 months FISI outperformed by 104.0 percentage points (+54.3% for FISI against -49.7% for VXX). One caveat on sizing: VXX is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
FISI vs VXX: side by side
| FISI (Financial Institutions, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +54.3% | -49.7% |
| 5-year return | +65.6% | -95.6% |
| Volatility (ann.) | 31.9% | 60.9% |
| Beta vs S&P 500 | 0.93 | -3.31 |
| Max drawdown (3Y) | -27.8% | -83.3% |
| Market cap | $0.8B | – |
| P/E (trailing) | 10.1 | – |
| Dividend yield | 3.09% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FISI | VXX |
|---|---|---|
| 2022 | -20.0% | -23.8% |
| 2023 | -6.8% | -72.5% |
| 2024 | +35.5% | -26.2% |
| 2025 | +19.5% | -42.2% |
| 2026 | +33.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FISI and VXX good diversifiers for each other?
Yes: at -0.48, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FISI and VXX?
As of 2026-08-27, the correlation of weekly returns between FISI and VXX is -0.48 over 3 years, -0.36 over 1 year and -0.41 over 5 years.
Is VXX a good diversifier for FISI?
Yes: at -0.48, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.48 mean?
On the −1 to +1 scale, -0.48 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fisi-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fisi-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FISI correlations · VXX correlations
